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Does your client qualify for a penalty abatement or a refund of paid penalties?
IRS penalties and interests increase the bill every day if your taxes are outstanding after the filing deadlin. Taxpayers are liable for the additional penalties and interests on the entire outstanding amount even if they have qualified for a tax debt payment plan and have started to make payments. These penalties can add as much as an additional 25% to a taxpayer’s IRS bill. Also, the federal agency charges an additional penalty of 5 per cent on taxes that have not been filed.
Penalty abatement is a technique that tax practitioners can utilize to help their clients reduce their tax debt or even entirely cancel penalties and interests they owe to the IRS. The trick is to convince the IRS that your client was unable to pay the taxes due to what the IRS tags a “reasonable cause.”
If a practitioner or taxpayer can justify that reasonable cause led to delay in tax payment, there are good chances that the IRS may forgive a portion or the entire penalty charged on your tax debt. Remember that IRS is softer on failure to pay penalties than failure to file penalties. The purpose of penalties and interests are to encourage and motivate taxpayers to pay their taxes on time and it must be considered as such.
Join this informative and insightful webinar with Our expert speaker Daniel J. Pilla. Daniel will provide you with some insider tips, practical steps and effective approaches to reduce or even totally cancel IRS tax penalties and interests. Learn about various types of penalties that you could face and the various forms and procedures used for requesting penalty and interest abatement, including First Time and Reasonable Cause abatement. And, learn about the procedure to follow when requesting refund of paid penalties and get handouts that you can utilize as a fast and easy reference tool while filing tax returns.
Session Highlights:
Also Includes:
Who Will Benefit:
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|---|---|---|---|---|
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